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VanEck Gold Miners ETF
GDX

1,045 hedge funds and large institutions have $11.3B invested in VanEck Gold Miners ETF in 2025 Q3 according to their latest regulatory filings, with 197 funds opening new positions, 332 increasing their positions, 308 reducing their positions, and 72 closing their positions.

New
Increased
Maintained
Reduced
Closed

174% more first-time investments, than exits

New positions opened: 197 | Existing positions closed: 72

58% more capital invested

Capital invested by funds: $7.19B → $11.3B (+$4.16B)

35% more funds holding in top 10

Funds holding in top 10: 46 → 62 (+16)

11% more funds holding

Funds holding: 938 → 1,045 (+107)

5.29% more ownership

Funds ownership: 46.12% → 51.41% (+5.3%)

8% more repeat investments, than reductions

Existing positions increased: 332 | Existing positions reduced: 308

35% less call options, than puts

Call options by funds: $7.78B | Put options by funds: $12B

Holders
1,045
Holders Change
+107
Holders Change %
+11.41%
% of All Funds
13.72%
Holding in Top 10
62
Holding in Top 10 Change
+16
Holding in Top 10 Change %
+34.78%
% of All Funds
0.81%
New
197
Increased
332
Reduced
308
Closed
72
Calls
$7.78B
Puts
$12B
Net Calls
-$4.2B
Net Calls Change
-$2.07B

Top Buyers

Rank Fund Capital Flow
1
Bank of Montreal
Bank of Montreal
Ontario, Canada
+$438M
2
D.E. Shaw & Co
D.E. Shaw & Co
New York
+$137M
3
Jane Street
Jane Street
New York
+$132M
4
Citigroup
Citigroup
New York
+$101M
5
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$87.8M

Top Sellers

Rank Fund Capital Flow
1
SPC
Slate Path Capital
New York
-$123M
2
JP Morgan Chase
JP Morgan Chase
New York
-$123M
3
Bank of America
Bank of America
North Carolina
-$105M
4
Two Sigma Investments
Two Sigma Investments
New York
-$77M
5
Goldman Sachs
Goldman Sachs
New York
-$72.5M
Name Holding Trade Value Shares
Change 		Change in
Stake
VFA
801
Valeo Financial Advisors
Indiana
$286K +$225K +3,743 New
OL
802
one8zero8 LLC
North Carolina
$285K +$225K +3,732 New
AP
803
Aspect Partners
Virginia
$285K -$111K -1,843 -33%
RIS
804
Retirement Income Solutions
Michigan
$285K +$224K +3,726 New
DP
805
Dearborn Partners
Illinois
$284K – – –
WH
806
Willner & Heller
California
$284K +$224K +3,720 New
ISL
807
Ingalls & Snyder LLC
New York
$284K +$224K +3,720 New
RCAG
808
Rehmann Capital Advisory Group
Michigan
$282K +$222K +3,687 New
AWM
809
Accredited Wealth Management
Kentucky
$280K +$1.69M +28,074 +608%
BBPWM
810
Blue Bell Private Wealth Management
Pennsylvania
$280K -$102K -1,700 -32%
CA
811
Cornerstone Advisory
Maryland
$279K +$220K +3,650 New
HNB
812
Huntington National Bank
Ohio
$277K – – –
CT
813
Colonial Trust
South Carolina
$275K – – –
PG
814
Prostatis Group
Maryland
$274K +$216K +3,592 New
TPWM
815
Twelve Points Wealth Management
Massachusetts
$274K +$216K +3,589 New
PFBT
816
Parkside Financial Bank & Trust
Missouri
$271K – – –
GLF
817
Groupe la Francaise
France
$271K +$253K +4,200 New
RF
818
Rossby Financial
Florida
$269K +$5.54K +92 +3%
EIC
819
Equity Investment Corp
Georgia
$267K +$211K +3,500 New
IMA
820
Investment Management Associates
Colorado
$267K +$211K +3,500 New
FPAS
821
Focus Partners Advisor Solutions
Missouri
$259K -$418K -6,949 -67%
GAA
822
Global Assets Advisory
Florida
$258K +$203K +3,379 New
ASG
823
Ariston Services Group
California
$257K +$203K +3,370 New
SFM
824
Signet Financial Management
New Jersey
$256K +$202K +3,351 New
SWM
825
SeaCrest Wealth Management
New York
$255K -$55.7K -925 -22%
31 32
33
34 35

GDX Hedge Fund Activity: Q3 2025 in Review

1,045 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in VanEck Gold Miners ETF (GDX) for Q3 2025, worth a combined $11.3B — up 58% from $7.19B a quarter earlier.

Buyers outnumbered sellers: 197 funds opened new GDX positions and 72 closed out — a net gain of 125 holders — while 332 added to existing stakes and 308 trimmed.

The largest buyer was Bank of Montreal, adding an estimated $438M. The largest seller was Slate Path Capital, exiting entirely with an estimated $123M sold.

  • 1,045 institutional investors held VanEck Gold Miners ETF (GDX) as of Q3 2025, up from 938 in Q2 2025.
  • Funds reported $11.3B of VanEck Gold Miners ETF stock for Q3 2025, up 58% quarter-over-quarter.
  • 197 funds opened new VanEck Gold Miners ETF positions in Q3 2025 and 72 closed out, a net change of +125 holders.
  • The largest VanEck Gold Miners ETF buyer in Q3 2025 was Bank of Montreal, an estimated $438M added.
  • The largest VanEck Gold Miners ETF seller in Q3 2025 was Slate Path Capital, an estimated $123M sold.

Based on aggregated 13F filings for Q3 2025.